Receipt insurance systems and methods

Abstract

Receipt insurance systems and methods whereby a third party receipt insurer insures consumers or purchasers all of the benefits associated with having possession of a receipt for a retail purchase without the need for possession of a physical or paper receipt. A receipt insurance agreement between a receipt insurance provider and a consumer protects the consumer against a loss of consumer rights or personal property insurance rights resulting from a lost receipt by electronically storing for retrieval, if necessary, an electronic record of all of the receipt information. The electronic receipt record is accepted by agreement between the receipt insurer and the seller / retailer as a valid receipt proof of purchase with all attendant rights. A receipt insurer provides receipt insurance coverage to a consumer to either protect against the loss of a paper receipt by substituting an electronic receipt record for a paper receipt, or eliminating the paper receipt entirely in lieu of an electronic receipt record which will be accepted by a seller or retailer as valid proof of purchase. Consumers are offered receipt insurance and thereby accept an electronic record of a purchase receipt as a valid record of a sales transaction between the consumer and a participating retailer in lieu of a traditional paper receipt.

Description

RELATED APPLICATIONS[0001]This application claims priority to U.S. Provisional Patent Application No. 61 / 220,309, filed on Jun. 25, 2009, which is fully incorporated herein.FIELD OF THE INVENTION[0002]The present invention is in the general field of commercial sales transactions and insurance, and more particularly in the field of sales transaction records and management, verification and insurance.BACKGROUND OF THE INVENTION[0003]Paper receipts have long served as the sole record of sales transactions, particularly consumer sales transactions, and the sole bearer paper for proof of purchase and claim of rights. primarily ownership rights, associated with the purchase. A receipt may contain such information as identification of items purchased, quantity of items purchased, date and time of purchase, location of purchase, total transaction amount including taxes, discounts and, other adjustments and payment method, and other information in coded or other form which assists the seller...

AI Technical Summary

Problems solved by technology

Even if a customer manages to retain the receipt, over time the receipt may become illegible or otherwise damaged to the point where it becomes void and is no longer functional as a legal document.

Some receipt printing technology such as thermal printing does not produce print which remains legible over an extended period of time.

Loss of a receipt results in loss of the consumer's rights, and can reflect negatively on the seller or retailer that refuses to honor returns or warranty claims solely due to the absence of a receipt.

Paper receipt generation for every retail transaction is also an enormous burden for retailers and on the environment.

The application includes disclosure of the seller generating electronic receipt data which is assigned a unique code and stored in a database, but does not address seller or retailer acceptance of electronic receipt records for purposes of merchandise return, refund, exchange or warranty claims.

Although these patents and patent applications disclose various systems and methods for creating and accessing electronic receipts, they do not address or remedy or cover consumer losses resulting from the loss of receipts, whether in paper or electronic form.

Although these patents and patent applications disclose various systems and methods of implementing and transacting different types of insurance policies and business, they do not address insurance coverage for consumers related to losses which could result from the absence or loss of a paper receipt or electronic receipt for the purchase of a product.

The prior art does not provide any system or method for coverage of consumer losses or loss of rights with respect the ownership of a product or personal property which could result from the loss of a paper or electronic receipt.

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